EIM and Drivn Partner to Deploy 1,000 Heavy-Duty Electric Trucks Across India

In a move that signals the institutionalization of India’s electric heavy-duty sector, Energy in Motion (EIM) and the EV leasing platform Drivn have signed a landmark Memorandum of Understanding (MoU) for the Pan-India deployment of 1,000 heavy-duty electric trucks. This strategic initiative, slated for completion over a 24-month period, leverages the combined strengths of vehicle manufacturing and institutional capital to decarbonize high-utilization industrial corridors. Corporate context for the deal is underpinned by EIM’s status as an associate entity of Ravindra Energy Limited (NSE: RELTD), which maintains a 49.5% stake in the firm.

The Partnership Scope: Scaling Green Logistics

The rollout marks a significant transition from pilot projects to large-scale fleet operations. This deployment follows EIM’s successful commencement of commercial operations on August 1, 2025. Notably, EIM has already achieved “revenue-ready” status through the completion of its first commercial sale of the “Ashwa” tractor. The partnership’s 24-month timeline aims to revolutionize heavy-duty logistics by integrating high-tonnage vehicle supply with specialized financing and innovative energy infrastructure, targeting the specific needs of India’s heavy industrial sectors.

Technical & Operational Model: The “Bare Truck” Framework

To overcome the high entry barriers typical of heavy-duty EVs, EIM utilizes a technical approach centered on asset decoupling. By separating the vehicle from its power source, the partnership mitigates the risks of asset depreciation and technology obsolescence that often deter fleet operators. The “Ashwa”—India’s first ARAI-certified battery-swappable 55-ton electric tractor—serves as the homologated blueprint for this effort.

The operational model is built upon three strategic pillars:

• Vehicle Without Battery (Bare Trucks): Transporters acquire the electric tractor (chassis) without the battery pack. This decoupling significantly reduces upfront CAPEX, making the initial acquisition cost competitive with internal combustion engine (ICE) alternatives.
• Battery-Swapping Technology: This serves as the operational linchpin, effectively neutralizing the “downtime penalty” inherent in traditional plug-in charging cycles. By facilitating rapid swaps, the model ensures the continuous utilization required for heavy commercial duty cycles.
• Energy as a Service (EaaS): Battery costs and energy supply are transitioned from capital investments to predictable operational expenses (OPEX). Through long-term contracts, fleet owners gain access to a dependable energy ecosystem without the burden of managing battery lifecycles.

Financing Structures & Institutional Support

The scalability of this project is anchored by a US$ 80 million institutional commitment recently secured by Drivn from Nomura. Drivn provides the financial and operational backbone necessary to bridge the credit gap for large-scale EV adoption. Their responsibilities include:

• Leasing and Financing: Utilizing institutional capital to provide structures that ensure electric trucks are economically superior to diesel on a Total Cost of Ownership (TCO) basis.
• Lifecycle and Tech Integration: Managing the complex lifecycle of batteries and utilizing a proprietary tech stack to optimize asset performance across sectors like cement, steel, and e-commerce.

Market Context: Industrial Decarbonization and Financial Performance

The deployment of 1,000 units targets the most carbon-intensive segment of Indian logistics, directly supporting the national “Waste to Wealth” and green logistics policy goals. Narendra M. Murkumbi, MD & CEO of Energy in Motion Limited, noted that the MoU validates EIM’s approach to heavy commercial vehicles by decoupling the vehicle from the battery. Manav Bansal, CEO and Co-founder of Drivn, emphasized that the transition is no longer merely aspirational but is now driven by “clear economics and dependable operations.”

From a capital markets perspective, Ravindra Energy Ltd (NSE: RELTD; BSE: 504341) reflects the sector’s momentum. During the reporting period, the stock reached an intraday high of ₹140.35 and an intraday low of ₹135.00, with a last traded price on the BSE of ₹135.55. The net turnover for the period was recorded at ₹878,553.00.

Fact-Check Reference Table